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The Financial Statements of the Company (Together with the Reports of the Directors and the Auditors of the Company) for the Year Ended 31 December 2020

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The Financial Statements of the Company (Together with the Reports of the Directors and the Auditors of the Company) for the Year Ended 31 December 2020 Find out more: VISIT GO ONLINE societegenerale.com.gh 2020 ANNUAL REPORT AND FINANCIAL STATEMENTS 2020 Major Events WE INTRODUCED INNOVATIONS Our all new innovation lab WE LAUNCHED NEW SERVICES Easily pay your customs duty Pay for all government services at any SG Ghana branch and taxes at any SG Ghana branch 2020 Major Events WE LAUNCHED EXCITING COMMERCIAL PROMOTIONS & CAMPAIGNS Loans Promotion Cards Promotion àƺǝǣƬǼƺˡȇƏȇƬǣȇǕȒǔǔƺȸǔȒȸȒɖȸƬɖɀɎȒȅƺȸɀ in collaboration with CFAO Motors WE OPENED MORE OUTLETS Airport City Branch Derby Avenue Branch Lapaz Branch TABLE OF CONTENTS Overview 2 Our purpose and values in the service of our clients 4 Notice and Agenda for Annual General Meeting Corporate Governance 5 Corporate information 6 Profile of the board of directors 9 Key management personnel Strategic Report 12 Board chair’s statement 14 Managing Directors Review Financial Statements 18 Report of the Directors 28 Corporate structure 33 Statement of Directors Responsibilities 34 Independent Report of the Auditors 38 Financial highlights 40 Statement of profit or loss and other comprehensive income 41 Statement of financial position 42 Statement of changes in equity 43 Statement of cash flows 44 Notes to financial statement 99 Proxy Form 100 Resolutions 102 Branch network SOCIETE GENERALE GHANA PLC 1 OUR PURPOSE AND VALUES IN THE SERVICE OF OUR CLIENTS OUR PURPOSE segments by tailoring our support to the issues facing each Building together with our clients, a better and sustainable one of them; future through responsible and innovative financial solutions. y connecting people and businesses: creating a link between those who have projects and those who can help them; OUR MISSION STATEMENT The Bank’s mission is to create the preferred banking institution, y using our resources responsibly: putting our balance sheet which employs team spirit, innovation, responsibility & to work to help those who want to invest; commitment to provide quality products and services that best y evaluating and managing risks: managing risks in a satisfy the needs of our customers. rigorous and responsible manner over the long term; OUR VALUES: TEAM SPIRIT, INNOVATION, RESPONSIBILITY & y safeguarding interests: undertaking a commitment to COMMITMENT respect and protect everyone’s interests while aiming for the highest standards of security and quality of service. Team Spirit: is characterised by a sense of service which is intended to make Societe Generale Ghana the leading customer relationship bank and making listening to customers Customer satisfaction: A priority Customer satisfaction is regularly measured and has increased and all other stakeholders, information sharing and solidarity or remained steady at a high level in all our business lines. The as well as cooperation and internal pooling of resources its Bank has adopted a structured approach to monitor customer main priority. satisfaction using a range of tools: opinion surveys, surprise visits, questionnaires and net promoter score ratings. A Innovation: which is providing added value and greater formalized process to address complaints by our quality team is simplification to serve clients with a framework that takes into in place with the protection of our clients being at the forefront account reputational risk. of all our operations. We are committed to safeguarding their interests, particularly in light of the growing risks associated Responsibility: that consists of taking decisions quickly with cybercrime. to meet the needs of clients and the organisation without sacrificing their long-term objectives. It also involves having the courage both individually and collectively to take responsibility Corporate culture and ethics For Societe Generale Ghana instilling a culture of responsibility for actions and decisions and finally attaching as much based on strong values, notably through our Code of Conduct, importance to results as well as consequences of decisions for means observing the highest standards of integrity and all stakeholders. behaviour in all business lines and countries where we operate. The Bank has established ethical principles and ensures that Commitment: which makes it possible to make a difference all our staff comply with them. As a responsible employer, and to contribute to the success of clients and the Bank thereby we are committed to ensuring the respect of human rights resulting in a high level of service and performance. and implement appropriate measures in instances where our principles are not adhered to. OUR PURPOSE Helping our clients build the future Expertise and skills We reaffirm the importance of our role as bankers which is The Bank pays particular attention to the quality of our to help our clients invest in a more sustainable future. By dialogue with staff representative bodies, especially with supporting their projects and helping them grow, we are firmly respect to addressing the challenges of changing business and committed to those who move the world forward. employment trends. Anticipating the Bank’s business needs, hiring and helping our staff develop their careers, particularly A trusted partner through training and internal professional mobility and Societe Generale Ghana puts value creation for its customers promotions, are essential for attracting and retaining talent at the heart of its business model, placing itself alongside and strengthening staff loyalty. entrepreneurs growing their businesses and developing their projects. The Bank offers added value in every aspect of its Diversity and inclusion business and in each of its business lines: Building a company that is inclusive and reflects the diversity of its customers is one of the Bank’s key ambitions. Above y making life easier for our customers: assisting our and beyond regulatory obligations, Societe Generale treats customers by providing them with the right service at the diversity and inclusion for all as strategic issues for today and right time, combining the best that humans and digital tomorrow, and takes proactive steps in this regard. technology have to offer; y advising: putting our expertise to work for all customer 2 SOCIETE GENERALE GHANA PLC Performance and compensation Health and safety To attract and retain talents, Societe Generale Ghana Societe Generale Ghana is committed to developing a respectful implements an attractive and fair pay policy, which recognizes and safe working environment to enable every one of its staff each staff member’s contribution to the Bank’s performance members to work in conditions that are positive for their health while ensuring the appropriate management of risks. and well-being, in particular by promoting the appropriate work-life balance. SOCIETE GENERALE GHANA PLC 3 NOTICE OF VIRTUAL ANNUAL GENERAL MEETING NOTICE IS HEREBY GIVEN THAT the 41st Annual General Meeting (“AGM”) of the Shareholders of Societe Generale Ghana PLC (“the Company”) will be held VIRTUALLY and streamed live on https://sgghanaagm.com from the Head Office of Societe Generale Ghana PLC on Thursday 30 September 2021 at 11:00am to transact the following business: - ORDINARY BUSINESS: ORDINARY RESOLUTIONS 1. To receive and adopt the Financial Statements of the Company (together with the reports of the directors and the auditors of the Company) for the year ended 31 December 2020. 2. To re-elect a Director; the following director retiring by rotation pursuant to Section 88(1) of the Company’s Constitution who being eligible, offers herself for re-election y Mrs Laurette Otchere 3. To elect a director; the following director appointed during the year and retiring in accordance with section 72(1) of the Companies Constitution y Francis Awua-Kyerematen 4. To approve Directors’ fees 5. To authorize the Directors to determine the remuneration of the Auditors Dated, this 24 day of March 2021. ................................................................. BY ORDER OF THE BOARD ANGELA NANANSAA BONSU THE SECRETARY +233 302214314 [email protected] www.societegenerale.ghana.gh @societegenerale.ghana Societe Generale Ghana @SG_Ghana 4 SOCIETE GENERALE GHANA PLC CORPORATE INFORMATION BOARD OF DIRECTORS 1. Margaret Boateng Sekyere - Board Chair Independent Non-Executive 2. Hakim Ouzzani - Managing Director 3. Laurette Korkor Otchere - Non-Executive 4. Agnes Tauty Giraldi - Non-Executive 5. Georges Wega - Non-Executive 6. Arnaud De Gaudemaris - Non-Executive 7. Martine Hitti - Independent Non-Executive 8. Fosuhene Acheampong - Non-Executive 9. Francis Awua-Kyerematen - Independent Non Executive COMPANY SECRETARY Angela Nanansaa Bonsu Societe Generale Ghana PLC 2nd Crescent, Royalt Castle Road Ring Road Central P.O. Box 13119 Accra, Ghana REGISTERED OFFICE 2nd Crescent, Royalt Castle Road Ring Road Central, Accra P.O. Box 13119 Accra, Ghana AUDITORS Ernst & Young Chartered Accountants No G 15 Building Airport Residential Area White Avenue Accra Ghana PO Box KA 16009 Airport, Accra, Ghana REGISTRARS NTHC Limited Martco House P.O. Box KA 9563 Airport, Accra Ghana COUNTRY OF INCORPORATION Ghana, Accra HOLDING COMPANY SG Financial Services, Holding Company ULTIMATE HOLDING COMPANY Societe Generale incorporated in France SOCIETE GENERALE GHANA PLC 5 PROFILE OF THE BOARD OF DIRECTORS MARGARET BOATENG SEKYERE (Chairperson) EXECUTIVE DIRECTOR HAKIM OUZZANI (Managing Director) INDEPENDENT NON-EXECUTIVE DIRECTOR FRANCIS AWUA-KYEREMATEN (Member) MARTINE HITTI (Member) NON-EXECUTIVE DIRECTORS GEORGES WEGA (Member) AGNES TAUTY GIRALDI (Member) LAURETTE OTCHERE (Member) ARNAUD DE
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